Panama: Spice Market 2024

Spice Market Size in Panama

In 2022, the Panamanian spice market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, enjoyed a strong increase. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank markedly in the following year.

Spice Production in Panama

In value terms, spice production totaled $X in 2022 estimated in export price. Over the period under review, production, however, showed a sharp contraction. The most prominent rate of growth was recorded in 2014 with an increase of X,000% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

The average yield of spices in Panama stood at less than X kg per ha in 2022, remaining stable against the year before. In general, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The spice harvested area in Panama totaled less than X ha in 2022, remaining stable against the previous year. In general, the harvested area continues to indicate a relatively flat trend pattern.

Spice Exports

Exports from Panama

In 2022, spice exports from Panama dropped slightly to X tons, which is down by X% against 2021. Over the period under review, exports, however, showed modest growth. The pace of growth was the most pronounced in 2019 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, spice exports skyrocketed to $X in 2022. Overall, exports saw a slight curtailment. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Spain (X tons) was the main destination for spice exports from Panama, with a X% share of total exports. Moreover, spice exports to Spain exceeded the volume sent to the second major destination, the United States (X tons), threefold. Belgium (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Belgium (X% per year).

In value terms, the largest markets for spice exported from Panama were Spain ($X), Costa Rica ($X) and the United States ($X), with a combined X% share of total exports.

Costa Rica, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price, however, recorded a noticeable downturn. The pace of growth appeared the most rapid in 2016 an increase of X%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Honduras (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Panama

In 2022, purchases abroad of spices decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, posted a significant expansion. The pace of growth was the most pronounced in 2013 when imports increased by X%. Imports peaked at X tons in 2021, and then contracted remarkably in the following year.

In value terms, spice imports dropped sharply to $X in 2022. In general, imports, however, posted a significant increase. The pace of growth was the most pronounced in 2013 when imports increased by X%. Imports peaked at $X in 2021, and then shrank notably in the following year.

Imports by Country

Vietnam (X tons), the United States (X tons) and China (X tons) were the main suppliers of spice imports to Panama, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Vietnam ($X) and China ($X) constituted the largest spice suppliers to Panama, together accounting for X% of total imports.

In terms of the main suppliers, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average spice import price amounted to $X per ton, dropping by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of X%. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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